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After Governor Jared Polis signed Senate Bill 111 into law on March 21, the Colorado Office of Economic Development and International Trade (OEDIT) was tasked with distributing $4 million to implement a new social equity cannabis advancement program so how will the money be spent? The program is intended to spur participation in the state s marijuana industry from communities impacted by the War on Drugs. According to Representative Leslie Herod, a prime sponsor of the bill, distributing the money is up to OEDIT s discretion although OEDIT can hire third-party contractors to distribute the money and create technical assistance programs, as well. Senator Dominick Moreno, another prime sponsor, adds that lawmakers will be reviewing the process in years to come. OEDIT has three years of spending authority, at which time the [Joint Budget Committee] and General Assembly will evaluate the program and contemplate further funding decisions, he says. ....
Governor Jared Polis wants to see $5 million put in a new state fund intended to advance marijuana industry involvement among communities impacted by the War on Drugs, with the majority of that money going toward small grants and low-interest loans. The proposal for the Cannabis Advance Program (renamed from the Cannabis Opportunity Program, or COP), written by the Colorado Office of Economic Development and International Trade in conjunction with the governor s office, was created after a bill passed in the Colorado Legislature in 2020 offered an official definition for social equity applicants in the marijuana industry. However, the bill only defined those applicants, and didn t mandate any specific programs they could apply for, much less their fiscal impacts. ....